April Deadline Looms for ATMs: Millions at Stake

4/2/2013 2:47PM

Thousands of ATM owners, from megabanks to mom-and-pop operators, could be on the hook for millions in fraud losses if they miss a deadline this month to upgrade their machines. Robin Sidel reports. Photo: Getty Images.

This transcript has been automatically generated and may not be 100% accurate.

... I ... and for a lot on ... eighteen am on is that when it's hella machines ... welcome to Digits I'm Simon Constable has also found this from inside Dell is still on as well ... thank you Brian much for for for Ping An aam ... so in the past and it was a foreign ATM the Bakrie dry cracked the bank paid ... and I'm now MasterCard is shifting liability on some cards to the owners of youth camp which could be the Bank of big banks like Wells Fargo or taste but also some smaller mom and pop owners where even some merchants that operate bet on their own EP scanning than mine and what the role of the Sprite its uses but to get that that she expected the convenient and then ... ride that ... now ... to avoid this ... one of the ATM on his can have to do an upgrade security ... I have a candidate may have to upgrade their machines I mean basically this is all part of a move by the card industry to move ... the US to the standard that is pretty much ... almost everywhere and the rest of the world and that is ... on the cards that don't rely on a magnetic stripe but have a computer chip inside the considered much more secular and the to some prominence as a team I come come to Britain but also you mention interesting country that was one of lowest in Uganda on the routes aam outlet in America everybody uses the stress that I can I believe also switched over ... ALM so everybody the US is actually ... on an unusual spotted very very but far behind technologically progressive world and so the chip would make the most a kilogram of the line on this trifle this trip ... aam ... one one one the banking industry just like that ... Manila everybody everybody gets a tip because I mean they're in a house union card which is expensive these cards are more expensive to manufacture in hand the banking industry is that convinced that this is going to be the wave of the future ... that there could be some other kinds of technology economic advancement that he'll be trying these current ... Ahmed also requires would require all merchants ... they have to upgrade their terminals at that point of sale of the cash register so there's an awful lot involved in it and it's starting ... but right now the banks are only showing the U S banks are only issuing these cards ... to people that travel a lot overseas said this new rule this new deadline on April nineteen ... only applies if the series of rolling deadlines only applies to cars that are issued overseas that are used at us BT has now won one dams on the the twentieth and if anything big for the ATM honest and that liability chefs ... and so on the bed as we can before before the banks with the response well aam for an absorbing any financial losses that came from ... um actually come from the start and now if the car in it that is used ... on a region in as one of these foreign cards with this technology ... and there's fried from a counterfeit card something on and ... then at the ATM owner won't have to absorb that last moment to be pretty pretty bad because the ATM business is a pretty low margin business that they so does that mean that people in a stable hair from the deepest possible for this to understand ... what my ATM on my can work ... certain some people are saying I think the little draconian to say that some people say that ... some ATM owners to maple out their machines from areas where there's a lot of tourist activity I aam where the sky like the news or on the border towns where these cards may be used ... I think it's too early to tell when Ivanplats mother tourist only so be interesting to say Roman side so thank you Brian much for coming on Digits I'm Simon Constable ... and that's it that's Tages for now